Ghana Records 52% Increase in Petroleum Revenue in First Half of 2026
Ghana recorded a 52 per cent increase in petroleum revenue in the first half of 2026, generating US$561.41 million compared with US$370.34 million during the same period in 2025.
The increase was driven largely by higher crude oil prices on the international market and a 37 per cent rise in Corporate Income Tax collections, according to the Public Interest and Accountability Committee (PIAC).
The figures are contained in PIAC’s 2026 Semi-Annual Report, released on October 21, 2026, covering petroleum revenue management from January to June 2026.
The report, issued under Section 56 of the Petroleum Revenue Management Act, 2011 (Act 815), as amended, also highlighted improvements in crude oil production and reductions in gas flaring across Ghana’s three active producing fields.
Crude oil production increased by 11.73 per cent, rising from approximately 18.42 million barrels in the first half of 2025 to 20.58 million barrels in the corresponding period this year.
The growth was attributed mainly to increased output from the Jubilee and Sankofa Gye Nyame (SGN) fields.
PIAC also reported significant reductions in gas flaring, with the Jubilee Field recording a 74.02 per cent decline, while flaring at the TEN and SGN fields fell by 40.79 per cent and 79.73 per cent, respectively.
The committee commended field operators for improving compliance with flaring limits approved by the Environmental Protection Authority.
Despite the increase in petroleum receipts, PIAC raised concerns about outstanding surface rental payments, the financial challenges facing Ghana National Gas Limited Company (GNGLC), and the use of funds by the Ghana National Petroleum Corporation (GNPC).
Surface rental arrears stood at approximately US$2.41 million at the end of June 2026, excluding US$1.73 million owed under terminated petroleum agreements.
The report noted that the outstanding amounts remained despite recovery efforts by the Ghana Revenue Authority (GRA).
PIAC further reported a 17.53 per cent year-on-year decline in the total value of the Cash Waterfall Mechanism, a development it said continued to put pressure on the financial viability of GNGLC and posed risks to payments to GNPC and the reliability of long-term gas supplies.
Concerns were also raised over GNPC’s expenditure. The corporation received US$85.98 million, representing 39.9 per cent of the Annual Budget Funding Amount (CAPI).
However, of the US$40.14 million allocated for Jubilee Equity Financing, only US$23.45 million was applied to actual production and development costs at the Jubilee Field.
The remaining US$16.69 million was used for non-field expenditure, including staff costs and the construction of the corporation’s corporate head office.
PIAC stressed the need for strict compliance with the Petroleum Revenue Management Act, particularly the requirement for GNPC to apply Level A receipts towards field production and development costs.
The committee also disclosed that the chapter on the utilisation of petroleum revenues was excluded from the report because the Ministry of Finance failed to submit the required data.
To safeguard petroleum revenues, PIAC urged the Ministry of Finance to treat the increase in receipts as potentially temporary, noting that higher global crude oil prices, rather than substantial growth in production, were the main driver of the increase.
It recommended that excess petroleum revenue above the benchmark revenue be transferred directly into the Ghana Petroleum Funds to protect the country against fluctuations in international oil prices.
The committee further called on the GRA to enforce the collection of outstanding surface rentals by applying appropriate penalties and interest to defaulting operators. It also recommended that the full settlement of arrears be made a condition for contract renegotiations or renewals.
